First-Time Homebuyer Credit

First-Time Homebuyer Credit

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There seems to be a bit of confusion regarding the $8,000.0 first time home buyers credit and it's uses. The IRS has made the landing page above to describe how it will be interpreting a buyers purchase made prior to Dec. 1st 2009.

Some lenders have been empowered to make low-interest short term loans on the $8,000. There are strict lending guidelines that would limit the fee to around $200.00 on the full $8,000.

HUD - Housing & Urban Development released the following guidelines for lenders in regards to the $8k.
http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-15%20USING%20FIRST-TIME%20HOMEBUYER%20TAX%20CREDITS.PDF

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